New study confirms democrats crashed the economy DUH...

[gwennie]

I smell BS. The article in question does not link to the alleged study and a look at the NBER website reveals no recent study that addresses the housing crash or anything remotely related. Otherwise the article is nothing more than a rehash of Wall Street alibis and conspiracy theories.

Actually, if you bothered to pay any attention to the housing crisis it was Barney Frank and Co that pushed for deregulation of financing housing.....and look what happened. The liberals insured the destruction of the economy. Asshole liberals ruined our economy...and you know it Quit trying to push this idiotic propaganda about the conservatives being responsible for the housing crash. Anyone with any kind of common sense and basic knowledge of Congress knows that the liberals orchestrated the destruction of the economy.....and they accomplished their goal.

 

[Procrustes Stretched]

Yeah, right. That's because historians have such a great understanding of economics.

and economic advisers to Bush Reagan and Clinton and Bush had a great understanding of economics tooooooo.......................................

2007/2008 Reagan Legacy

Better than the ones advising Obama, obviously.

BTW, Dante, H.L. Mencken despised leftist ass-wipes like you, so why do you use him as your avatar?

People like you always misunderstand what exactly Henry was all about. That is so delicious

Criticism, of criticism, of criticism...the Sahara of the Bozart

Criticism of Criticism of Criticism

H.L. Mencken, Neo-Confederate by Gail Jarvis

 

[Procrustes Stretched]

I smell BS. The article in question does not link to the alleged study and a look at the NBER website reveals no recent study that addresses the housing crash or anything remotely related. Otherwise the article is nothing more than a rehash of Wall Street alibis and conspiracy theories.

Actually, if you bothered to pay any attention to the housing crisis it was Barney Frank and Co that pushed for deregulation of financing housing.....and look what happened. The liberals insured the destruction of the economy. Asshole liberals ruined our economy...and you know it Quit trying to push this idiotic propaganda about the conservatives being responsible for the housing crash. Anyone with any kind of common sense and basic knowledge of Congress knows that the liberals orchestrated the destruction of the economy.....and they accomplished their goal.

Actually, if you bothered to pay any attention to

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

"The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street."

Read More At IBD: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com

---


The One Hundred Ninth United States Congress was the legislative branch of the United States, composed of the United States Senate and the United States House of Representatives, from January 3, 2005 to January 3, 2007, during the fifth and sixth years of George W. Bush's presidency. House members were elected in the 2004 elections on November 4, 2004. Senators were elected in three classes in the 2000 elections on November 7, 2000, 2002 elections on November 5, 2002, or 2004 elections on November 4, 2004. The apportionment of seats in the House of Representatives was based on the Twenty-second Census of the United States in 2000. Both chambers had a Republican majority, the same party as President Bush.
109th United States Congress - Wikipedia, the free encyclopedia

---

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[52] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[52] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "

If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[52] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[52]

Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."[53]

Barney Frank - Wikipedia, the free encyclopedia

 

[Procrustes Stretched]

Historians know who crashed the economy.

AGAIN read the most RECENT study..
New study concludes that the Community Reinvestment Act ‘clearly’ did lead to risky lending
James Pethokoukis | December 12, 2012, 9:50 am
Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tract-month that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often. These patterns are accentuated in CRA-eligible census tracts and are concentrated among large banks. The effects are strongest during the time period when the market for private securitization was booming. …
New study concludes that the Community Reinvestment Act ‘clearly’ did lead to risky lending | AEIdeas

In case the above GOES OVER your head...
When the lenders did "risky" subprime lending DUE to the CRA... DEFAULTS occurred 15% more often!
Defaults meant lower credit ratings for the lenders! Lower credit ratings to the lenders meant they had to take greater and greater subprime lending risks to
gain more and more revenue to meet the higher costs of borrowing since their credit ratings got worse!

Do you understand the totally vicious cycle that occurred then? CRA forced making more subprime loans that paid higher interests so lenders could borrow to make higher risk loans and the whole process snowballed till it crashed!

All because CRA forced lenders to make more subprime loans and the above study shows!

Actually if you read the linked to page instead of the bs opinions attached to it...

Isn't the Examiner the same paper that misread the report on Chrysler jobs in China?

What difference does that make ... it is A FACT you dummy!!!

Bush administration WARNED Congress under Democrat control 17 times and the idiots Dodd/Frank Laughed at them!!!

The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street.

Read More At IBD: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[52] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[52]

The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.

"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7]

Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[52] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[52]

Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated.

Barney Frank - Wikipedia, the free encyclopedia

 

[gwennie]

I smell BS. The article in question does not link to the alleged study and a look at the NBER website reveals no recent study that addresses the housing crash or anything remotely related. Otherwise the article is nothing more than a rehash of Wall Street alibis and conspiracy theories.

It's typical mantra of the rich to blame the poor and weak for the economy.

Yes, it is undeniable that the biggest and most damaging wave of foreclosures were not primary residencies in the inner city that the CRA covered, but the massive glut of investment properties in the suburbs with expensive 5 year mortgages that speculators just walked away from.

Nice try.... While I'm sure there were some of those going on, there were FAR more people who were given mortgages that ordinarily wouldn't have qualified for one but because they fell into certain "economic and ethnic"groups, they were approved for mortgages and THEY are the ones who set the whole thing in motion (aside from Barney Frank and Co) that tanked our economy.

 

[gwennie]

I smell BS. The article in question does not link to the alleged study and a look at the NBER website reveals no recent study that addresses the housing crash or anything remotely related. Otherwise the article is nothing more than a rehash of Wall Street alibis and conspiracy theories.

Actually, if you bothered to pay any attention to the housing crisis it was Barney Frank and Co that pushed for deregulation of financing housing.....and look what happened. The liberals insured the destruction of the economy. Asshole liberals ruined our economy...and you know it Quit trying to push this idiotic propaganda about the conservatives being responsible for the housing crash. Anyone with any kind of common sense and basic knowledge of Congress knows that the liberals orchestrated the destruction of the economy.....and they accomplished their goal.

Actually, if you bothered to pay any attention to

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

"The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street."

Read More At IBD: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com

---


The One Hundred Ninth United States Congress was the legislative branch of the United States, composed of the United States Senate and the United States House of Representatives, from January 3, 2005 to January 3, 2007, during the fifth and sixth years of George W. Bush's presidency. House members were elected in the 2004 elections on November 4, 2004. Senators were elected in three classes in the 2000 elections on November 7, 2000, 2002 elections on November 5, 2002, or 2004 elections on November 4, 2004. The apportionment of seats in the House of Representatives was based on the Twenty-second Census of the United States in 2000. Both chambers had a Republican majority, the same party as President Bush.
109th United States Congress - Wikipedia, the free encyclopedia

---

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[52] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[52] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "

If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[52] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[52]

Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."[53]

Barney Frank - Wikipedia, the free encyclopedia

You can quote whatever liberal rag you want, but it doesn't change the FACTS of the case. Barney Frank and Co were the ones who tanked our economy. You liberals absolutely cannot stand admitting that you are wrong about anything, much less take responsibility.

 

[Procrustes Stretched]

It's typical mantra of the rich to blame the poor and weak for the economy.

Yes, it is undeniable that the biggest and most damaging wave of foreclosures were not primary residencies in the inner city that the CRA covered, but the massive glut of investment properties in the suburbs with expensive 5 year mortgages that speculators just walked away from.

Nice try.... While I'm sure there were some of those going on, there were FAR more people who were given mortgages that ordinarily wouldn't have qualified for one but because they fell into certain "economic and ethnic"groups, they were approved for mortgages and THEY are the ones who set the whole thing in motion (aside from Barney Frank and Co) that tanked our economy.

Private sector loans, not Fannie or Freddie, triggered crisis

Read more here: Private sector loans, not Fannie or Freddie, triggered crisis | McClatchy

Another Conservative Myth Busted -- Did Fannie and Freddie Really Cause the Financial Sector Meltdown?

Actually, if you bothered to pay any attention to

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

"The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street."

Read More At IBD: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com

---


The One Hundred Ninth United States Congress was the legislative branch of the United States, composed of the United States Senate and the United States House of Representatives, from January 3, 2005 to January 3, 2007, during the fifth and sixth years of George W. Bush's presidency. House members were elected in the 2004 elections on November 4, 2004. Senators were elected in three classes in the 2000 elections on November 7, 2000, 2002 elections on November 5, 2002, or 2004 elections on November 4, 2004. The apportionment of seats in the House of Representatives was based on the Twenty-second Census of the United States in 2000. Both chambers had a Republican majority, the same party as President Bush.
109th United States Congress - Wikipedia, the free encyclopedia

---

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[52] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[52] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "

If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[52] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[52]

Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."[53]

Barney Frank - Wikipedia, the free encyclopedia

 

[gwennie]

Pushed, and fought for, by Barney Frank and Co. Quit blaming conservatives for the decisions made by liberal assholes who drove our economy into the ground.

 

[edthecynic]

Historians know who crashed the economy.

AGAIN read the most RECENT study..
New study concludes that the Community Reinvestment Act ‘clearly’ did lead to risky lending
James Pethokoukis | December 12, 2012, 9:50 am
Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tract-month that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often. These patterns are accentuated in CRA-eligible census tracts and are concentrated among large banks. The effects are strongest during the time period when the market for private securitization was booming. …
New study concludes that the Community Reinvestment Act ‘clearly’ did lead to risky lending | AEIdeas

In case the above GOES OVER your head...
When the lenders did "risky" subprime lending DUE to the CRA... DEFAULTS occurred 15% more often!
Defaults meant lower credit ratings for the lenders! Lower credit ratings to the lenders meant they had to take greater and greater subprime lending risks to
gain more and more revenue to meet the higher costs of borrowing since their credit ratings got worse!

Do you understand the totally vicious cycle that occurred then? CRA forced making more subprime loans that paid higher interests so lenders could borrow to make higher risk loans and the whole process snowballed till it crashed!

All because CRA forced lenders to make more subprime loans and the above study shows!

First of all, Jim Pathetickuckooass has even less credibility than you, and you have none. Every time you foam at the mouth you show your complete stupidity on the subject.

CRA loans are fixed at 2% over prime, so technically they are sub-prime loans because they charge more than prime. But unlike the sub-prime ARM loans that caused the crash which adjusted UP, if the borrower makes their payments on time for 2 years, their CRA loan rate adjusts DOWN to prime!!!! Compare that reality to the bullshit you posted to evaluate your credibility.

 

[Procrustes Stretched]

Actually, if you bothered to pay any attention to the housing crisis it was Barney Frank and Co that pushed for deregulation of financing housing.....and look what happened. The liberals insured the destruction of the economy. Asshole liberals ruined our economy...and you know it Quit trying to push this idiotic propaganda about the conservatives being responsible for the housing crash. Anyone with any kind of common sense and basic knowledge of Congress knows that the liberals orchestrated the destruction of the economy.....and they accomplished their goal.

Actually, if you bothered to pay any attention to

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

"The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street."

Read More At IBD: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com

---


The One Hundred Ninth United States Congress was the legislative branch of the United States, composed of the United States Senate and the United States House of Representatives, from January 3, 2005 to January 3, 2007, during the fifth and sixth years of George W. Bush's presidency. House members were elected in the 2004 elections on November 4, 2004. Senators were elected in three classes in the 2000 elections on November 7, 2000, 2002 elections on November 5, 2002, or 2004 elections on November 4, 2004. The apportionment of seats in the House of Representatives was based on the Twenty-second Census of the United States in 2000. Both chambers had a Republican majority, the same party as President Bush.
109th United States Congress - Wikipedia, the free encyclopedia

---

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[52] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[52] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "

If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[52] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[52]

Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."[53]

Barney Frank - Wikipedia, the free encyclopedia

You can quote whatever liberal rag you want, ...

 

[gwennie]

[/QUOTE]

 

[Old Rocks]

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012


A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

This study confirms that our fruitloops get nuttier everyday.

 

[gwennie]

New study confirms democrats crashed the economy DUH...​

By: ROBERT MOON
12/21/2012


A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.​

(Excerpt)

Read more:
New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com

This study confirms that our fruitloops get nuttier everyday.

No more than the liberals who like to pretend that they own no responsibility for the financial meltdown of America.......

 

[Truthmatters]

note that not one person EVER produced the actual study?


I dont trust right wing hacks to tell me what a study found until I can read the study myself.

You people lie to me every day

 

[P@triot]

note that not one person EVER produced the actual study?


I dont trust right wing hacks to tell me what a study found until I can read the study myself.

You people lie to me every day

Boy does this sum up the dumbocrats! They need a "study" to tell them that giving loans to people who can't afford them will end in bankruptcy. All conservatives need is common sense.

 

[P@triot]

Historians know who crashed the economy.

You got that right - the dumbocrats!

gop Congress and President

"The strongest link between CRA lending and defaults took place in the runup to the crisis — 2004 to 2006 — when banks rapidly sold CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street."

And they could NOT have done that if not for liberal socialism under Bill Clinton.

The harder you try to push your radical propaganda here, the more you fail!

 

[Londoner]

New study confirms democrats crashed the economy DUH...​

This isn't a study. It's an arm of the Republican Party.

The economy crashed because of the longterm shift from wage to credit based consumption.

FDR came to Washington to give the poor worker a New Deal. Reagan came to Washington to give corporations and investors a new deal (through low taxes, deregulation, and cheaper labor costs).

Reagan wanted to give investors higher returns. So he initiated all these policies which made it easier for capital to get lower labor costs. He did this domestically by crushing Labor. He did it internationally by making it much easier for capital to get ultra-cheap labor in the developing world.

How did Reagan increase Capital's access to cheap foreign labor?

He used the Cold War as a context of intervention in the global south. He used the threat of the Soviets to open the door, then he found corruptible dictators to take massive structural adjustment loans on behalf of the host country. "Come under the Eagle's protective wing. We'll protect you and loan you tons of money to improve your infrastructure". However, when the host country failed to pay back the loan, the country went into technical receivership, and, as a result, Washington gained control of their policies. This allowed Washington to pry open their economy to foreign investment, which allowed American corporations to leave middle class workers in the dust for oppressed sweatshop workers in places like Taiwan and Grenada.

So, but what happened when corporations left the American middle class in the dust in order to get ultra cheap labor in the developing world?

Reagan had a problem. The domestic economy depended on high wages so people could buy things. When Reagan created policies that lowered the labor costs of corporations, he weakened consumer demand, i.e., when workers have lower wages/benefits, they have less money with which to buy things.

So what did Reagan do? He vastly expanded the credit system so American families could maintain their high living standards through borrowing. Starting in 1980 household debt exploded. Don't take my word for it. This is easy to research.

Morning in America was brought to you by American Express, Visa, & Master Card (and an infinite variety of borrowing gimmicks). Americans borrowed like never before and it lead to an incredible credit-prosperity.

The problem with credit-prosperity is that it eventually creates a debt-overhang which leads to massive consumer insolvency (families can only borrow so much until their debt level makes them too vulnerable to any downturn). Once the inevitable insolvency hits, you need to find different ways to loan money into the economy - otherwise consumption stops and there is spiraling job loss. So to prevent the massive collapse that had been prefigured by 30 years of debt-based consumption, we turned to the last thing we had left with any value: our homes.

Now we have nothing left to borrow against, and the debt has come due.

When this happened in the 30s, we built a vigorous domestic manufacturing base with high wages - this lead to the golden age of capitalism where in the 50s and 60s the father could support the entire family on just his wage. We are not going to get so lucky this time. You see, corporations don't want to bring back the high wages and benefits that built the middle class during the postwar years. Corporations and their investors like the cheap labor they get from dictator run countries like China. When Nike sneakers are made for pennies in sweatshops, investors make higher returns.

So we're stuck. The high paying jobs that support domestic consumption are gone for good. The Right has won that battle. Worse: we've run out of credit. The Reagan trick of stimulating the economy through borrowing is dead.

Game over.

 

[American_Jihad]

Obama’s Economic Advisers: International Socialists, Union Thugs, NBC Execs, Soros Scholars, Subprime Lenders, Amnesty Shills, and Campaign Cronies​

by Ben Johnson
2/24/11

...

Richard Trumka is perhaps the most conspicuous choice on this job-creating council. Trumka, who recently admitted to Astroturfing the protests in Wisconsin and around the country, is president of the AFL-CIO and a longtime Big Labor activist with a shady history. Michelle Malkin has noted that Trumka led the United Mine Workers when a non-union worker named Eddie York was shot to death in the midst of a mining strike. The UMW aided all eight union members present at the scene of the crime and disciplined none of them. In a separate incident, Trumka incited a crowd in Illinois to “kick the s–t out of every last” person who crossed the UMW picket line. Working his way up the ranks, as AFL-CIO treasurer he was implicated in two money-laundering scandals involving the Teamsters. He said if he were forced to testify before Congress, he would invoke the Fifth Amendment. Trumka climbed the ladder by gripping the coattails of John Sweeney, the union’s former president and member of the Democratic Socialists of America. Sweeney and Trumka saw the union donate more than $200 million in political aid to the Democrats in 2008 and send out more than 250,000 “volunteers,” many of whom worked for Obama in swing states. On February 15, Barack Obama awarded Sweeney the Medal of Freedom.



After succeeding Sweeney as the union’s president in September 2009, Trumka decided to further radicalize the union. Just last fall, Trumka insisted, “We need to fundamentally restructure our economy and re-establish popular control over the private corporations which have distorted our economy and hijacked our government. That’s a long-term job but one we should start now.” To that end, Trumka has worked with European socialists to establish a global tax, a measure that is also a top priority of Obama’s Science Czar John Holdren. Last year, Trumka carried out his threats to go after Democrats who opposed ObamaCare’s “public option,” failing to oust Arkansas Senator Blanche Lincoln as the Democratic nominee.



The new council position provides no real boost to Trumka; he doesn’t need one. Although certain members of Obama’s Cabinet have not heard from the president after serving two years into his administration, Trumka recently boasted: “I’m at the White House a couple times a week. Two, three times a week. I have conversations everyday with someone in the White House or in the administration. Everyday.”



Trumka is not the only union thug with a seat at the table.

...

Obama

 

[g5000]

Yes you do, turd. You obviously didn't read it either.

Go ahead and quote the part where they say the CRA caused the recession.

Show us where the Royal Bank of Scotland was forced to comply with the CRA.


.

Does the report say that the CRA was a major contributor to risky lending, foreclosure and the housing market collapse?

No. It does not.

Then the rest could have been a domino effect.

Your premise has failed. The report does not say CRA was a major contributor to the crash.

The OP lied, and the article upon which the OP was based also lied.

It is unbelievable the CRA meme persists in the minds of so many ignorant racists.

 

[Mr. Shaman]

New study confirms democrats crashed the economy DUH...

Yeah, Skippy....that's what happened......

Money, Power & Wall $treet
Allowing The Marketplace To Regulate Itself​